Fmod errors at Unity startup + no audio

Hello there. I am currently having an issue with Unity and it’s built in audio engine, Fmod. The issue is Fmod gives an error at the startup of the Unity Editor (I am using Unity 2019.3.3f1), and there will be no audio within the project, be it in the editor or standalone. The error is as follows:

FMOD failed to initialize. This may be because your sound card is configured to give applications exclusive access, thus preventing Unity from using this device. You can change this in Control Panel > Audio Devices and Sound Themes > Playback Device > Properties > Options … : "Soundcard does not support the minimum features needed for this soundsystem (16bit stereo output). " (59)

I have tried to fix it in many ways but none of them seem to work. I must tell that I recently have installed the Oculus application (to use with my new VR headset), and since then those errors started popping out. This may be because the Oculus application has added a new speaker device to my playback devices list (that being the built in speaker of the headset), but there is no headset plugged in my computer but it still gives that error. I would appreciate some help, because this issue is slowing down the development process of my video game by a lot! Thank you in advance!

In your Windows operating system’s device list, is the Oculus set as default? If you right click on the speaker icon in your system tray (to the far right of the taskbar) which device is currently selected for audio output? Try changing this to a different speaker and see if the other device works.